Twist in Towry transfer saga as Transact hits out

Earlier this month, Towry claimed it had cleared the backlog of asset transfers away from the firm and was dealing only with “ongoing tasks” related to re-registration. It acknowledged some clients’ assets would take time to register with their new custodians, but said the matter was now out of its hands. However, Transact says the number of transfers containing complete information continues to come through very slowly. "Towry claimed it had met its deadline to complete the transfers but this turns out not to be the case," Transact head of marketing Malcolm Murray says. "The ac...